Global oil prices increased on Friday, as benchmark U.S. crude oil futures, slated for June delivery, rose by 72 cents per barrel to $79.95. Similarly, Brent crude for July delivery rose by 71 cents to $83.98 a barrel. The increased trading activity was linked to rising demand for oil and concerns over disruptions to oil production in the Middle East.
At the same time, wholesale gasoline futures for June delivery rose by 3 cents to $2.57 a gallon, while June heating oil went up by 4 cents to $2.49 a gallon. June natural gas prices rose by 11.3 cents to $2.61 per 1,000 cubic feet.
As for precious metals, gold futures for June delivery rose by $31.90 to $2,417.40 an ounce, while silver futures for July delivery increased by $1.38 to $31.26 an ounce. Copper prices also increased, with July copper futures going up by 17 cents to $5.05 per pound.
The performance of global currencies in Friday’s trading was mixed. The dollar rose against the Japanese yen to 155.69 yen from 155.34 yen, while the euro increased to $1.0875 from $1.0871.
Despite the gains seen in Friday’s oil trading, investors remain cautious about the outlook for global oil prices. While there are ongoing concerns about disruptions to oil production in the Middle East, there are also concerns about the pace of the global economic recovery and the impact that could have on oil demand.
Rising oil prices could also lead to inflationary pressures in some parts of the global economy. Furthermore, there is still uncertainty about the direction of U.S. monetary policy, which could have a significant impact on global financial markets in the coming months.
It remains to be seen whether the gains seen in Friday’s trading will be sustained over the coming weeks and months. However, with ongoing geopolitical tensions and a fragile global economic recovery, there are likely to be plenty of factors that could impact oil prices in the near future.
In conclusion, while the rise in oil prices on Friday was significant, there are still many unknowns and uncertainties in the global economy. Investors will be keeping a close eye on a range of factors, from geopolitical tensions to the pace of the global economic recovery, as they try to navigate the complex landscape of global financial markets
